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Lost Wallets With Lots of Money More Likely to Be Returned

The more money there is in a lost wallet, the more likely it is to be returned to its owner, a new global study has found.

According to researchers from the Universities of Zurich, Michigan, and Utah, this surprising finding is because dishonest finders have to adapt their self-image, which involves psychological costs that can exceed the monetary value of the wallet.

The classic economic model predicts that people will typically keep a lost wallet. The financial incentive to keep the wallet is particularly large if it contains a large sum of money. However, this assumption is refuted by the recent study, researchers noted.

In 355 cities in 40 countries, the research team investigated what causes people to return a wallet to its owner. To this end, they handed in more than 17,000 apparently lost wallets at the reception areas of various institutions, such as hotels, banks, museums, post offices, or police stations.

The researchers examined four factors that influence the decision to return the wallet:

  1. The monetary incentive to keep the money;
  2. The effort involved in contacting the owner;
  3. Altruistic considerations about the welfare of the owner, and
  4. The “psychological costs of dishonest behavior.”

The last is caused by the fact that keeping a lost wallet is often perceived as theft, and the finder has to adapt their self-image, the researchers explained.

The researchers were able to show that these psychological costs — the preservation of one’s self-image as an honest person — can explain the finders’ behavior.

“People want to see themselves as an honest person, not as a thief. Keeping a found wallet means having to adapt one’s self-image, which comes with psychological costs,” said Dr. Michel Maréchal, a professor of economics at the University of Zurich.

In an additional survey, participants confirmed that the more money there was in a lost wallet, the more likely not returning it was to be classified as theft, causing higher psychological costs of dishonest behavior.

The wallets contained a business card, a shopping list, a key, and a varying amount of money.

A key is only of value to the owner, but not to the finder, the researchers noted. To measure altruistic concerns, the researchers also handed in some wallets without a key.

A wallet with money, but no key was less likely to be returned than a wallet with the same amount of money and a key.

Based on this finding, the researchers concluded that altruistic considerations play a further role when returning wallets.

Although reality disproves the economic model, an additional survey shows that many academic economists and the general population assume that lost wallets containing large sums of money are less likely to be returned.

“We mistakenly assume that our fellow human beings are selfish. In reality, their self-image as an honest person is more important to them than a short-term monetary gain,” and Alain Cohn, an assistant professor of economics at the University of Michigan and co-author of the study.

Where were the finders most honest?

In countries such as Switzerland, Norway, the Netherlands, Denmark, and Sweden, between 70 percent and 85 percent of the wallets were returned to their owners.

The Swiss are the most honest when it comes to returning wallets containing a key but no money.

Danes, Swedes and New Zealanders were even more honest when the wallets contained larger sums.

In countries such as China, Peru, Kazakhstan, and Kenya, on average only between 8 percent and 20 percent of the wallets were returned to their owners.

Although the proportion of returned wallets varied widely between countries, in almost all countries wallets with large sums of money or valuable contents were more likely to be returned, the researchers reported.

Source: University of Zurich

Lost Wallets With Lots of Money More Likely to Be Returned

Janice Wood

Janice Wood is a long-time writer and editor who began working at a daily newspaper before graduating from college. She has worked at a variety of newspapers, magazines and websites, covering everything from aviation to finance to healthcare.

APA Reference
Wood, J. (2019). Lost Wallets With Lots of Money More Likely to Be Returned. Psych Central. Retrieved on December 1, 2020, from
Scientifically Reviewed
Last updated: 30 Jun 2019 (Originally: 30 Jun 2019)
Last reviewed: By a member of our scientific advisory board on 30 Jun 2019
Published on Psych All rights reserved.